ResMed Conference Call Summary Company Overview - **Company**: ResMed (NYSE:RMD) - **Industry**: Digital health and medical devices, focusing on sleep health, breathing health, and healthcare technology delivered at home - **Headquarters**: San Diego, California - **Founded**: 1989 - **Market Presence**: Sold 30 million cloud-connectable medical devices in 140 countries, with 23 billion nights of respiratory medical data collected [5][6] Core Strategies and Goals - **ResMed 2030 Strategy**: Aims to improve 500 million lives by 2030 through innovative products and services [6][7] - **Recent Achievements**: Changed 154 million lives in the last 12 months with devices and software [7] - **Product Development**: Focus on creating the smallest, quietest, and most comfortable devices, with a strong emphasis on cloud connectivity and intelligence [7][10] Financial Performance - **Free Cash Flow**: Generated over $1.7 billion in free cash flow in the last 12 months [9] - **Gross Margin Improvement**: Achieved 230 basis points year-on-year gross margin accretion in Q4 and 150 basis points quarter-on-quarter [9][10] - **Net Operating Profit Margins**: Currently in the range of 33-34% [10] Innovation and Product Development - **New Products**: Launched innovative products like the AirTouch N30i and AirFit F40, incorporating fabric into patient interfaces [11] - **Acquisitions**: Acquired Ectosense for its home sleep testing technology and Virtuox for home sleep apnea testing [12][57] - **Research Utilization**: Leveraging 23 billion nights of data to improve products and contribute to peer-reviewed research [13][14] Market Dynamics and Competitive Landscape - **Tariff Relief**: ResMed products benefit from tariff relief under the Nairobi Protocol, ensuring no tariffs on products made in various locations [12] - **Competitor Landscape**: Competitors have been affected by recalls, but ResMed remains confident in its market position and growth potential [47][48] - **Market Growth**: The device market is expected to grow mid-single digits, with ResMed aiming to exceed this through demand generation efforts [58] Patient Engagement and Adherence - **Adherence Rates**: Connected devices have increased adherence from 50% to 73%, and with app usage, adherence can reach 87% [14][20] - **GLP-1 Drug Impact**: Patients on GLP-1 weight loss drugs are 11% more likely to start CPAP therapy and show higher resupply rates [24][25] - **Patient Empowerment**: Focus on educating patients about access to equipment and the importance of adherence to therapy [20][23] Research and Development - **Investment in R&D**: ResMed invests 6-7% of revenues back into research and development to drive innovation [55] - **Future Growth**: Aiming for double-digit basis point improvements in gross margins annually through supply chain optimization and product innovation [63][64] Conclusion - ResMed is positioned as a leader in the digital health space, with a strong focus on innovation, patient engagement, and financial performance. The company is actively working to expand its market presence and improve patient outcomes through its 2030 strategy and ongoing product development initiatives.

Group 1: Company Overview - ResMed, founded in 1989, specializes in medical equipment for treating obstructive sleep apnea and is headquartered in San Diego, California [2] - The company operates in over 140 countries with more than 10,000 employees and has two main business units: Sleep and Respiratory Care, and Software as a Service (SaaS) [3] - Netwealth is a wealth management software business with over 140,000 account holders and $88 billion in funds under administration as of 2024 [5] Group 2: Business Operations - ResMed provides cloud-connectable CPAP machines and ventilation solutions, while its SaaS unit supports durable medical equipment for out-of-hospital care [3][4] - Netwealth offers a user-friendly online platform that allows users to manage investments, track performance, and access financial reports [6] Group 3: Financial Performance - ResMed's revenue has grown at a rate of 13.6% per year since 2021, reaching $4,685 million in FY24, with net profit increasing from $475 million to $1,021 million [8] - Netwealth has seen a revenue growth rate of 20.8% per year over the last three years, hitting $255 million in FY24, while net profit rose from $54 million to $83 million [8] - ResMed's return on equity (ROE) is reported at 22.7%, while Netwealth's ROE stands at 62.3% [8]

Company Overview - ResMed, founded in 1989 and headquartered in San Diego, specializes in medical equipment, particularly cloud-connectable CPAP machines for obstructive sleep apnea treatment [1] - The company operates in over 140 countries with more than 10,000 employees and has two main business units: Sleep and Respiratory Care, and Software as a Service (SaaS) [2] Business Model and Technology - ResMed's digital health network leverages cloud-connected devices to enhance patient outcomes and reduce healthcare costs through valuable insights generated from its hardware and SaaS data [3] Market Performance - The S&P/ASX200 Healthcare Index has returned -2.11% annually over the last 5 years, contrasting with an 8.69% return from the broader ASX 200 [4] - Healthcare spending is considered essential, leading to stable and consistent revenue streams, often referred to as 'sticky' revenue, which performed well during economic downturns [5] Growth Potential - Global healthcare spending, particularly in the US, is projected to grow at 7% per year from 2022 to 2027, reaching US$819 billion [6] - Sub-sectors like healthcare IT and SaaS are expected to see revenue growth exceeding 15% per year from 2024 to 2030 [7] Investment Trends - A Morgan Stanley survey indicates that over half of investors plan to increase their allocation to sustainable investments in 2024, positioning healthcare sectors favorably for attracting new capital [8] Valuation Metrics - ResMed shares currently have a price-sales ratio of 5.70x, below the 5-year average of 8.70x, suggesting potential undervaluation or increased sales [9][10]

Company Overview - ResMed is a medical equipment company based in San Diego, California, originally founded in Australia, specializing in cloud-connectable CPAP machines for obstructive sleep apnea treatment [1] - The company has over 10,000 employees and operates in more than 140 countries, with two primary business units: Sleep and Respiratory Care, and Software as a Service (SaaS) [2] - ResMed's SaaS unit provides software for durable or home medical equipment, assisting in out-of-hospital care [2][3] Financial Performance - ResMed reported an annual revenue of $4,685 million, with a compound annual growth rate (CAGR) of 13.6% over the last three years [5] - The latest reported gross margin for ResMed was 57.4%, indicating strong profitability from core products and services [6] - The company reported a profit of $1,021 million in the last financial year, up from $475 million three years ago, representing a CAGR of 29.1% [7] Financial Health - ResMed's current net debt is -$624 million, indicating that the company has more cash than debt, which can be seen as a safety buffer [9] - The debt/equity ratio for ResMed is 18.0%, suggesting that the company has more equity than debt, indicating lower leverage [10] - The return on equity (ROE) for ResMed was 22.7% in FY24, reflecting efficient capital allocation and value generation [11] Valuation Metrics - ResMed shares currently have a price-to-sales ratio of 5.69x, below the 5-year average of 8.70x, indicating that shares are trading below their historical average [12]

Core Viewpoint - Resmed will present at the Bank of America Global Healthcare Conference 2025, highlighting its commitment to innovative health technologies and solutions [1]. Company Information - Resmed (NYSE: RMD, ASX: RMD) focuses on creating life-changing health technologies aimed at improving the quality of life for individuals [3]. - The company is dedicated to pioneering innovative technology that empowers millions across 140 countries to lead healthier lives [3]. - Resmed's offerings include AI-powered digital health solutions, cloud-connected devices, and intelligent software designed to enhance home healthcare [3]. - The company's vision is to enable every individual to reach their full potential through improved sleep and breathing, with care provided in their own homes [3]. Event Details - Mick Farrell, the chairman and CEO, along with Dr. Carlos Nunez, the chief medical officer, will present at the conference on September 23, 2025, at approximately 1:20 p.m. British Summer Time in London [1]. - Additional information about the event, including access to a live audio-only webcast, can be found on Resmed's investor relations website [2]. - A replay of the audio-only webcast will be available approximately 24 hours after the live event and will remain accessible for 30 days [2].

Company Overview - ResMed Inc. is based in San Diego, California, and specializes in developing, manufacturing, distributing, and marketing medical devices and cloud-based software applications for respiratory disorders [1] - The company has a market capitalization of $39.6 billion and operates through two segments: Sleep and Breathing Health and Residential Care Software [1][2] Stock Performance - ResMed's stock reached a three-year high of $293.81 on August 22 and is currently trading 8.1% below that peak [3] - Over the past three months, RMD has gained 7.1%, outperforming the Health Care Select Sector SPDR Fund (XLV), which saw a marginal increase of 0.95% [3] - In 2025, RMD stock prices surged 18.1%, and over the past 52 weeks, they increased by 7.8%, while XLV experienced a slight uptick of 0.39% year-to-date and a decline of 11.4% over the past year [4] Financial Performance - Following the release of its Q4 results on July 31, ResMed's stock prices rose by 2.7% [5] - The company reported net revenues of $1.35 billion for the quarter, reflecting a year-over-year growth of 10.2%, surpassing Street expectations by 1.9% [5] - Non-GAAP EPS increased by 22.6% year-over-year to $2.55, exceeding consensus estimates by 3.7% [5] Competitive Position - ResMed has significantly outperformed its peer, Becton, Dickinson and Company (BDX), which saw a decline of 17.6% in 2025 and a 20.7% drop over the past 52 weeks [6] - The stock has a consensus "Moderate Buy" rating among 18 analysts, with a mean price target of $289.25, indicating a 7.1% upside potential from current price levels [6]

Company Overview - ResMed is a medical equipment company based in San Diego, California, originally founded in Australia, specializing in cloud-connectable CPAP machines for obstructive sleep apnea treatment [2] - The company operates globally with over 10,000 employees and a presence in more than 140 countries, divided into two primary business units: Sleep and Respiratory Care, and Software as a Service (SaaS) [3] - Netwealth is a wealth management software business that provides a platform for financial planners, with over 140,000 account holders and $88 billion in funds under administration as of 2024 [5] Business Model and Services - ResMed's Sleep and Respiratory Care unit offers industry-leading CPAP machines, catering to a wide range of patients from those needing nightly therapy to those requiring life-support ventilation [3] - The SaaS unit provides software for durable or home medical equipment, enhancing out-of-hospital care [3][4] - Netwealth's platform allows users to manage investments, track performance, and access financial reports through a user-friendly interface [6] Financial Performance and Valuation - ResMed shares have a current price-sales ratio of 5.63x, significantly lower than its 5-year average of 8.70x, indicating potential undervaluation or increased sales [8] - In contrast, Netwealth shares trade at a price-sales ratio of 30.23x, above its 5-year average of 23.72x, suggesting a higher valuation relative to historical performance [9]

Company Overview - ResMed Inc. (NYSE:RMD) is a leading health technology company focused on sleep, breathing, and home care solutions, developing innovative devices and digital platforms for patients with sleep apnea and chronic respiratory conditions [1] - The company aims to improve patient outcomes globally by combining medical expertise with advanced technology [1] Recent Developments - In 2025, ResMed launched its Sleep Institute at the World Sleep Congress, aiming to advance sleep health through partnerships with various stakeholders, focusing on evidence-based insights to drive care innovation [2] - The initiative addresses the global burden of sleep disorders, particularly obstructive sleep apnea (OSA) and insomnia, which are often undiagnosed [2] Research and Trends - Research presented at the SLEEP 2025 conference highlighted trends such as PAP therapy adherence, gender disparities in OSA diagnosis, patient-reported outcomes, and the role of artificial intelligence in enhancing therapy engagement [3] - These developments position ResMed as a strong growth potential player in the health technology sector through innovation in devices and digital health solutions [3] Strategic Acquisitions - ResMed acquired VirtuOx, an independent diagnostic testing facility specializing in at-home diagnostics for sleep, respiratory, and cardiac conditions, enhancing its capabilities in early diagnosis and connected home-based care [4] - This acquisition simplifies patient access and supports better health outcomes [4]

Core Insights - The importance of sleep is increasingly recognized as a critical pillar of human health alongside diet and exercise [1] - The World Sleep Congress highlights the relationship between sleep, health, and wellness, as well as the prevalence of sleep disorders, particularly insomnia, which affects over 70% of people in Asia [2] Company Insights - ResMed is a key player in the sleep apnea market, primarily generating revenue from CPAP (Continuous Positive Airway Pressure) machines, which are considered the gold standard for treating sleep apnea [3][5] - ResMed is also involved in alternative therapies for sleep apnea, including mandibular devices and nerve stimulation, but emphasizes that CPAP is the most effective treatment for the majority of patients [6][7] Product Developments - Modern CPAP machines have evolved to be smaller, quieter, and more comfortable, with cloud connectivity that enhances patient adherence to therapy [9][10] - Studies indicate that patients using cloud-connected CPAP machines have a significantly higher adherence rate of over 70%, which can increase to over 85% when patients actively engage with their therapy data through an app [10][11] Health Implications - Untreated sleep apnea is linked to increased mortality rates, with a 35% increase in overall mortality and a 55% increase in cardiovascular mortality [11][12] - The condition exacerbates various health issues, including cardiovascular disease, hypertension, and even dementia, highlighting the critical need for awareness and treatment [12]

Core Insights - Resmed has launched the Sleep Institute, a global clinical insights initiative aimed at advancing the science and understanding of sleep health [1][2][3] Group 1: Initiative Overview - The Sleep Institute partners with clinicians, researchers, policymakers, and health system leaders to provide evidence-based insights that inform care innovation and elevate sleep as a global health priority [2][3] - The initiative aims to address the significant underdiagnosis of sleep disorders, particularly obstructive sleep apnea (OSA), which affects an estimated 1 billion people globally [3][5] Group 2: Research and Findings - A U.S. consumer survey revealed that while over 80% of respondents consider sleep important for their health, only one-third have been asked about their sleep by a healthcare professional in the past six months, highlighting a gap in routine healthcare discussions [4][6] - The Sleep Institute will publish original research and real-world data to support earlier and more accurate diagnoses of sleep disorders [3][4] Group 3: Symposium and Collaboration - The Sleep Institute will debut at the World Sleep Congress with a symposium focused on the underdiagnosis of OSA, featuring clinical leaders from various countries [5][6] - The symposium aims to identify barriers in diagnostic pathways and propose scalable solutions to improve access and outcomes in sleep health [5][6] Group 4: Goals and Vision - The overarching goal of the Sleep Institute is to act as a catalyst for earlier diagnosis, stronger policies, and improved outcomes in sleep health worldwide [6][8] - Resmed envisions a future where better sleep and breathing can help individuals achieve their full potential, with care delivered in their homes [9]